Tag Archives: banks

Dozens of people lay flowers on a main Beirut street where a man killed himself on Friday, with some blaming his death on the country’s economic collapse that has left more and more Lebanese hungry. Reuters could not establish the motive for the apparent suicide. The 61-year-old man shot himself …

As accelerating poverty fuels anger, despair and fear of a social explosion, efforts by Lebanon’s ruling elite to salvage the country from a financial meltdown with IMF help seem to be going in reverse. A country known across the Middle East for its glamorous lifestyle and commercial savoir faire now …

By : Siba El-Samra   The shortage of public spaces, as well as walking and biking infrastructure in Lebanon, is not a new problem. During a pandemic, this shortage becomes time-critical and even more life-threatening, especially in dense Beirut. As cities around the world look to find ways to live with …

The balance of the UAE Central Bank’s deposit certificates rose to record levels during the first half of 2019, reaching around AED155.8 billion at the end of June, according to statistics issued by the bank highlighting its policy of withdrawing surplus liquidity. The value of surplus liquidity withdrawn in June …

The Abu Dhabi Executive Council has issued a resolution to waive the one percent fee collection when refunding the security deposit paid for the value of temporarily imported goods, reducing operating costs for companies in and trading with the UAE. In line with the Government’s strategic plan to strengthen Abu …

A delegation from Sharjah Finance Department, SFD, has visited Tokyo, Japan, and met with key Japanese finance officials to discuss various possibilities that can help bolster relationships between the two sides. The meetings were held at the Japan Bank for International Cooperation, JBIC, and was attended by Sharjah’s delegation headed …

The Financial Services Regulatory Authority, FSRA, of Abu Dhabi Global Market, ADGM, today issued its regulatory framework for Digital Investment Managers (also known as ‘robo-advisors’), operating in ADGM. Digital Investment Managers provide investment management services using algorithm-based tools and technology to interact with more tech-savvy clients. This technology allows investment …

The Dubai Land Department, DLD, represented by its regulatory arm, the Real Estate Regulatory Agency, RERA, signed a memorandum of understanding, MoU, with the Arab Bank for Investment and Foreign Trade, Al Masraf, to manage and service the Owners Association, OA, accounts. The MoU was signed by Marwan bin Ghalita, …

A UAE delegation attended the fourth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, is mandated to represent the UAE at the Bank’s meetings and events and on its board. …

The Financial Services Regulatory Authority, FSRA, of the Abu Dhabi Global Market, ADGM, has announced local and global applications to establish digital banks in its International Financial Centre based in Abu Dhabi as digitalisation has led to a rapid transformation of the banking industry. This initiative comes in response to …

The Abu Dhabi Securities Exchange, ADX, recently met with an executive delegation from Morgan Stanley to discuss how to develop business relations between both entities. Khalifa Salem Al Mansouri, Acting Chief Executive of the ADX, said, “This was a valuable introduction for the ADX. Developing business relations with such a …

Etihad Credit Insurance, ECI, has signed a Memorandum of Understanding, MoU, with the Corporate Banking division of Emirates NBD to empower the UAE-based firms in strengthening their presence regionally and internationally by providing them access to ECI’s trade credit insurance solutions and Emirates NBD Corporate Banking’s customised products. This cooperation …

The Electricity Tariff Incentive Programme, ETIP, which was launched in line with the Abu Dhabi Development Accelerators Programme, “Ghadan 21”, is expected to contribute to the increase in capital of companies, which will enable them to further develop their industrial products, enhance their business value, and improve their competitiveness across …

The OPEC Fund for International Development, OFID, and Ameriabank have signed a US$25 million loan agreement aimed at supporting trade flows to and from Armenia. Cooperation between OFID and Ameriabank dates back to 2015. The first facility supported Small- and Medium-sized Enterprises, SMEs, in Armenia across a diverse range of …

Dubai Aerospace Enterprise, DAE, announced Thursday that it has signed a new long-term unsecured revolving credit facility with First Abu Dhabi Bank PJSC and HSBC Bank Middle East Limited as bookrunners and mandated lead arrangers. Following an oversubscription in syndication the Facility was closed at an amount of US$440 million …

The Authority of Social Contribution, Ma’an, has extended the deadline for its Ma’an Social Incubator, MSI, Programme till 13th July, 2019, due to the growing interest in the MSI from the public and social entrepreneurs in the UAE, the region and the rest of the world. The programme has already …

Qatar has placed further restrictions on First Abu Dhabi Bank, the United Arab Emirates’ largest lender, as it continues a probe into alleged currency manipulation begun after the UAE and other Arab states launched a boycott against Qatar in mid-2017. The Regulatory Authority of Qatar Financial Center (QFC) said on …

Trade Bank of Iraq, Standard Chartered (STAN.L) and General Electric (GE.N) closed a $600 million financing agreement to fund a power project in Iraq, the trio said on Sunday. Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s …

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces today received Michael L. Corbat, Chief Executive Officer of Citigroup, to discuss prospects of cooperation between Emirati financial institutions and the world’s global bank. The meeting occasioned a …

Emirates Steel, the largest steel producer in the UAE, has hired BNP Paribas to coordinate a $400 million (Dh1.47 billion) loan financing, sources familiar with the matter said. The company, owned by Abu Dhabi’s Senaat, a state-owned investor in the emirate’s industrial sector, will use the loan proceeds to refinance …

Standard Chartered on Sunday announced the appointment of Rola Abu Manneh as chief executive officer of its business in the UAE. Abu Manneh succeeds Julian Wynter, who will be retiring following 26 years of service at the bank. Abu Manneh’s appointment is with immediate effect. Abu Manneh joins from First …

The UK’s Hinduja Group confirmed talks are on with two UAE banks to acquire a possible equity stake in one of them, part of a move to expand its already sizeable business operations in this country. “We don’t do much of minority stakes — if the regulator allows it, we …

KhalifaSat, the first Emirati satellite, will be launched on October 29 from Tanegashima Space Centre in Japan; Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Executive Council announced Wednesday on his twitter account. KhalifaSat has been developed by a team of young Emiratis …

The UAE’s banking sector remained strong and robust in 2017 with an uptick in growth on the back of strong economic momentum in the country, according to the 2017 annual report of the UAE Banks Federation (UBF), a professional representative body made up of 50 banks operating in the UAE. …

A majority of the UAE’s 750,000 maids earn less than Dh2,000 per month, according to Rise, a Dubai-based start-up aimed at providing banking facilities to low-income workers. While this may be a relatively small amount individually, Rise saw the potential for scale. Collectively, maids in the UAE make $5 billion …

Mashreq’s commitment to innovation and a digital future is closely aligned to its strategy of investing heavily in all its people, and further developing the Emirati talent pool, Ashfaq Bandey, Vice President, Human Resources told Gulf News in an interview. The bank has embarked on a number of training initiatives …

Deep involvement of Israeli banks in the building of illegal settlements in the occupied West Bank may amount to the war crime of pillage, HRW has said. While the settlements are condemned worldwide, Israel keeps building more. “Israeli banks are facilitating their expansion and thus bankrolling these abuses,” said the …

Some money changers in UAE are appealing a recent decision by the Central Bank to prohibit them from doing remittance transactions. UAE resident have been advised that they can no longer transfer money or receive salaries through at least seven exchange houses. The UAE Central Bank confirmed on Monday that …

Gulf Capital plans to invest over $500 million (Dh1.8 billion) over the next two years in some key markets as part of its investment strategy, its chief executive officer told Gulf News in an interview. The Abu Dhabi based firm plans to invest $350 million in private equity and $150 …

HSBC Private Banking, one of the largest global private banking organisations with $330 billion of total client assets under management sees significant opportunities for private banking business in the region, particularly in the GCC countries, Peter Boyles, Global CEO, HSBC Private Banking told Gulf News in a recent interview. Significant …

The UAE’s banking system has “sufficient capacity to withstand a severe yet plausible deterioration in macroeconomic and financial market conditions,” according to the country’s central bank. The assessment comes after banks in the UAE underwent a regulatory stress test in 2017 put forward by the central bank to assess resilience …

Dubai’s proposed “Mortgage Law” intends to create greater depth in the property marketplace, in particular by making it easier for specialised funds to come in and take up exposures. Another target of the law would be create “alternative financing methods” over and above what is offered via direct bank finance. …

The Gulf Cooperation Council (GCC) banks will face increased funding costs despite easing of liquidity in the banking system, according to ratings agency Moody’s. Over the past four years, GCC benchmark rates have risen in line with US Federal Reserve fund rate increases and subsequent moves by local central banks. …

State-run Bahrain Petroleum Company (Bapco) has approached banks to sound their appetite for the financing needed to back the capacity expansion of the existing Sitra oil refinery, a project expected to cost well in excess of $5 billion (Dh18.3 billion), sources familiar with the matter said. The company, advised by …

For many people in the UAE, cash is dying.  According to the latest data supplied by a market research firm, UAE consumers are increasingly living in a cashless world and abandoning their beloved paper bills and coins in favour of plastic money. From paying for everyday things, restaurant meals and …

The UAE’s banking sector which reported resilient performance last year is expected to face challenges from rapid technology innovations, new regulations, the impact of value added taxes and the need for strong corporate governance frameworks, according to KPMG. KPMG’s third edition of the annual UAE banking perspectives report said, Artificial …

Axis Bank, India’s third largest private sector bank, on Sunday opened a representative office in Sharjah. With the opening of the new office in Sharjah the bank now has three representative offices in the UAE, in addition to the Dubai International Financial Centre (DIFC) branch that operates with a Category …

The UAE’s banking sector stands to benefit from the implementation of Value Added Tax (VAT) as the new tax system makes the balance sheets of corporates, particularly the small and medium enterprises (SMEs) more transparent, said Abdul Aziz Al Ghurair CEO of Mashreq Bank and Chairman of the UAE Banks …

Gross commercial long term borrowings of GCC (Gulf Cooperation Council) governments are expected to come down by 15 per cent this year to $68 billion (Dh250 billion) from $80 billion in 2017, according to ratings agency Standard & Poor’s. S&P anticipates sovereign borrowing in the Middle East and North African …

Banks across the Gulf Cooperation Council (GCC) are expected to see stabilisation of the financial profiles and performance from the second half of 2018 after two years of significant pressure, according to S&P Global Ratings. While analysts expect to see further easing of liquidity and funding with improvement in asset …

After stealing a football club, breaking into a bank and conning governments around the world, a convicted international fraudster – described by the BBC as a ‘Trillion Dollar Conman’ – has struck Dubai. In an act of pure evil genius, the Bahrain-based serial swindler Russell King has raked in millions …

Banks in the Gulf Co-operation Council are still far from the implementation of resolution regimes discussed during the financial crisis in 2008 for both conventional and Islamic banks despite having implemented many of the recommendations. G7 finance ministers agreed to take decisive action during the global financial crisis. Using all …

Two senior managers at a multinational bank, who embezzled Dh25 million deposited by an investor in three corporate accounts, won their appeals and had their seven-year imprisonments reduced to five years. In May 2015, the Dubai Court of First Instance jailed the Lebanese woman manager and the American manager to …

Ankara has slammed a US court ruling that convicted a Turkish banker for allegedly helping Iran evade Washington’s sanctions as “unjust and unfortunate,” saying the trial amounted to unprecedented interference in Turkey’s internal affairs. “It is an unjust and unfortunate development that Halkbank Deputy General Manager Mehmet Hakan Atilla was …